Blueprint Announces Three Senior Care Closings
Blueprint Healthcare Real Estate Advisors previously announced a total of six transactions closing at the end of June and beginning of July, and now the details on a few of those are coming out. Michael Segal and Ben Firestone have now sold every skilled nursing facility in the eastern Kentucky town of Pikeville. Two years ago, the pair sold a 106-bed SNF located near the 250-bed Pikeville Medical Center, representing the publicly traded REIT seller. Earlier this month, they sold the other. Built in 1979 and renovated in 1987, the 120-bed facility features mostly semi-private rooms. It maintained steady occupancy above 90% and generated consistent revenues over $9... Read More »
Seven-Property Portfolio Sold At Steep Discount
Some more information has come out on MedCore Partners’ off-market acquisition of seven senior living communities from Ventas, and it may preview how far values may fall in the wake of COVID-19. A release from Kong Capital, which partnered with MedCore to acquire the portfolio, shows that the purchase price negotiated with Ventas fell from the originally agreed upon $70 million to $52 million as a result of declining NOI and the new realities that come with owning senior care properties these days. The purchase comes to just under $90,000 per unit, and represents a 26% decline, certainly on the high end of people’s predictions for a valuation correction across the seniors housing industry.... Read More »
MedCore Partners Acquires Seniors Housing Portfolio
MedCore Partners and The National Realty Group announced their purchase of a seven-property senior living portfolio on the West Coast. The deal included five senior living communities in Washington State and two in California. Among the Washington properties were the 60-unit Birchview Memory Care in Sedro-Wooley, the 55-unit Discovery Memory Care in Sequim, The Sequoia in Olympia with 92 units, the 72-unit Cooks Hill Manor in Centralia and lastly, and the largest, The Village in Tacoma with 136 units. In California, there was Del Obispo Terrace in San Juan Capistrano with 91 units and the 76-unit Westminster Terrace in Westminster. Their operator,... Read More »
Recent Senior Care M&A Deals, Week Ending July 10, 2020
The start of the third quarter came with a flurry of deals. Check out our recent senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Not disclosed3 skilled nursing facilities in IL$7.5 million MedCore Partners7 senior living communities in WA and CAN/A National Church ResidencesThe Villas at Water's EdgeN/A Primovie8 German senior care facilities$164.44... Read More »
Blueprint Healthcare Real Estate Advisors Closes Six Deals
With all the difficulties in securing debt, visiting properties and obtaining third-party approvals, let alone the financial uncertainty of purchasing a senior care property right now, deals are still getting done, and Blueprint Healthcare Real Estate Advisors announced the closing of six senior care transactions in a three-day span. Those transactions totaled more than $76.6 million too. We’re sure it took a lot of creativity and some long nights to get over the finish line, so well done. The deals closed at the end of the second quarter and into the third, a typically busy time for dealmaking normally, but this represented a 50% increase over Blueprint activity during the same... Read More »Schedule a demo
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